correctional officers...correctional officers eligibility requires you to have completed at least 20...
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Your Retirement BenefitsCorrectional Officers
Who is a Member of the Correctional Officers’ Plan?
Employees in the below list of positions are in the Correctional Officers’ plan:
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Employees who work at DOC but who’s titles do not contain the ones noted above are eligible for State Employee benefits only.
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• Associate Director Classification• Chief of Inspections• Work and Rehabilitation
Program Supervisor• Records & Identification Officer
Lt• Records & Identification Officer
Captain• Classification Counselor• Correctional Officer• Correctional Officer Captain• Correctional Officer Lieutenant
• Correctional Officer Steward• Correctional Officer Hospital • Correctional Officer Hospital II• Correctional Officer Hospital
Supervisor• Correctional Officer Training
Instructor• Correctional Officer Armorer• Correctional Officer Canine• Correctional Officer Trainee• Supervisor of Correctional
Officer Training
What is your Retirement Benefit?
Members of the Correctional Officers’ plan have a Defined Benefit plan or Pension plan.
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What is a Defined Benefit or Pension Plan?
Your Pension Benefit is managed by ERSRI and pays you a specific amount of money per month when you are eligible to retire.
You contribute 8.75% of your salary towards your individual pension.
Your employer contributes into the pension fund for all employees.
The amount of your monthly pension benefit is based on a number of criteria including your schedule, how long you have worked and your salary.
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What’s a Schedule?
Schedules are determined by when you were hired, your age and how many years of service you had at certain points in time.
Schedule type impacts when you are eligible to retire, your accruals and service credit factor, and what your benefit will be when you retire.
Years of Service September 30, 2009
Years of Service June 30, 2012
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How do we Determine Your Schedule?
Schedule CO Eligible• Eligible to retire as of 9/30/2009.
Schedule CO1E• Active as of 10/1/2009 but not eligible to retire at that time.
Became eligible to retire on or before 6/30/2012.
Schedule CO1NE• Active as of 10/1/2009, but not eligible to retire as of 9/30/2009
or 6/30/2012.
Schedule CO2• New hires on or after October 1, 2009.
Schedule CO3• New hires on or after July 1, 2012.
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Please Note: for the purposes of schedule determination and retirement eligibility, only contributory years of service are counted.
When Can You Retire?
Retire with Full Benefits:
a. Schedule CO Eligible: 20 years of contributing service within DOC as of 9/30/2009 and age 50
b. Schedule CO1E: 25 years of service within DOC as of 6/30/2012 and age 55 proportionally scaled back based on years earned as 9/30/2009.
c. Schedule CO1NE CO2 and CO3:
a. 25 years of service within DOC and age 55; OR
b. At least 5 years of service within DOC and Social Security Normal Retirement Age
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Eligibility requires you to have completed at least 20 or 25 (depending on schedule) years of total contributory service within the Department of Corrections. Purchases do not count toward the 20 or 25 years with the exception of refund and Workers’ Compensation purchases within the Department of Corrections.
Calculating Your Service Credit
Each year that you work for a participating employer you accrue a set percentage (your accruals) that are added together to determine your Service Credit Factor.
Service Credit Factor
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Years of Service
Members with AT LEAST 25 Years of Service as of 6/30/12
Members with LESS than 25 years of service as of 6/30/12
Years 1-30 2% per year 2% per year
Year 31 6% per year 3% per year
Year 32 5% per year 3% per year
Year 33 4% per year 3% per year
Year 34 3% per year 3% per year
Year 35 and After 2% per year 3% per year
Maximum Service Credit Factor
75% or service credit factor as of 6/30/2012 up to 80%,
whichever is greater75%
Calculating Your Highest Average Salary
Depending on your schedule, your highest average salary is the average of your highest 3 or 5 consecutive (back to back) years of salary as of retirement.
Highest Average
Salary
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Schedule Highest Average Salary
Schedule CO Eligible 3 highest consecutive years
Schedules CO1E, CO1NE , CO2 and CO3 5 highest consecutive years
How is your pension benefit calculated?
Service Credit
Factor
Highest Average
Salary
Your Pension Benefit
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Calculating Your Pension Benefit
Your Pension Payment Options
Payment Option Amount Spouse/Beneficiary Amount
Allowed to Switch Options
One Time?
Service Retirement
Allowance (SRA)
Full benefit paid monthly to the
member
$0 No
Option 1: Joint &Survivor 100%
Reduced benefit Spouse or beneficiary receives
same monthly benefit after
member’s death
Yes – to Option 2 or SRA
Option 2: Joint & Survivor 50%
Reduced benefit Spouse or beneficiary receives50% of the monthly
benefit after member’s death
Yes – to Option 1 or SRA
• A Qualified Domestic Relations Order (QDRO) may restrict your pension payment options.
• Option 1: J&S100 and Option 2: J&S50 are actuarially reduced benefits based on difference in age between member and beneficiary.
• One time change is permitted while living if Option 1: J&S100 and Option 2: J&S50. The change of option form must be received by ERSRI prior to death.
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Receiving Your Pension Payments
Your first pension payment will be received 2-3 months after retirement. (Payment is retroactive to date of retirement.)
Each payment will be directly deposited to your bank account.
An e-mail will be sent to you each month notifying you that your direct deposit stub is available online.
Payments will be made on the last business day of the month for the month.
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Death Benefits
What benefits are your survivors entitled to?
A member’s designated beneficiary is eligible to receive a one time death benefit payment regardless of retirement option selected.
Benefit is $800 per year of completed service, up to a maximum benefit of $16,000 with 20 years of service.
Benefit reduces 25% each year of retirement to a minimum death benefit of $4,000.
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Please be sure to keep your beneficiary information up to date with ERSRI.
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What About A Cost of Living Adjustment?
Annual COLA and 4 Year COLA:
If ERS plan (teachers, state, judges, and state police) is less than 80% funded, the Annual COLA is suspended.
For plans less than 80% funded, an interim 4 Year COLA is paid to members once they become COLA eligible.
The Annual COLA resumes when your plan is 80% funded.
COLA Eligibility
Members retiring today become eligible for the Annual COLA and 4 Year COLA the month after reaching their Social Security Normal Retirement Age AND the three year anniversary date of their retirement.
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What About A Cost of Living Adjustment?
COLA Calculation:
The Annual and 4Year COLAs are calculated based on equal parts of 50% of investment performance minus 5% and 50% of inflation with a maximum COLA of 3.5%.
For members retiring now, the Annual and 4 Year COLAs are paid on the first $26,688 (indexed) of your annual pension benefit.
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A Note on State Health Care Coverage Eligibility…
The Office of Employee Benefits (OEB) administers health care benefits for retired state employees between the age of 59-64 and Via Benefits manages benefits for member 65+
Members who are over the age of 59 and have at least 20 years of state service may be eligible for an 80% subsidy for individual health coverage through OEB or Via Benefits.
Members who take a deferred pension (terminate employment prior to reaching retirement eligibility) and wait to collect their benefit are not eligible for state heath coverage.
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Contact the Office of Employee Benefits or Via Benefits about health care BEFORE making your decision about when to retire.
Office of Employee Benefits • (401) 574-8530 • www.employeebenefits.ri.gov
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❑ Application for Retirement▪ Send to ERSRI, 50 Service Ave, 2nd Floor, Warwick, RI 02886 before your last day.
❑ Retirement Benefit Statement Form▪ Send to ERSRI, 50 Service Ave, 2nd Floor, Warwick, RI 02886 before your last day.
❑ Tax Withholding Form▪ Send to ERSRI, 50 Service Ave, 2nd Floor, Warwick, RI 02886 before your last day.
❑ Direct Deposit Form▪ Send to ERSRI, 50 Service Ave, 2nd Floor, Warwick, RI 02886 before your last day.
❑ Basic Group Life Insurance Election Form (if applicable)▪ Send to ERSRI, 50 Service Ave, 2nd Floor, Warwick, RI 02886 before your last day.
❑ Employees’ Certification of Retirement and Final Wages▪ Send to your payroll/human resources department within 3 months prior to terminating
employment.
❑ Retiree Health Care Election (if applicable for health from state)▪ If under 65, send to Office of Employee Benefits, One Capitol Hill, Providence, RI 02908 before
your last day. ▪ If age 65 or older contact Via Benefits at 844-448-7298
❑ Beneficiary Nomination Form▪ Send to ERSRI, 50 Service Ave, 2nd Floor, Warwick, RI 02886 before your last day.
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Retirement Forms
Divorced?
Please be sure to provide you final court entered divorce judgement and property settlement agreement with your retirement paperwork.
Application for Retirement
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Membership Information
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Retirement Benefit Statement Form
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Tax Election Form
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Direct Deposit Form
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Basic Group Life
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Employers Certification of Retirement and Final Wages –Page 1
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Employers Certification of Retirement and Final Wages –Page 3
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Beneficiary Designation
Form
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ERSRI Online Registration
Go to www.ERSRI.org to register your My Retirement account.
The self registration process will ask you for identifying personal information and give you a log in ID.
Be sure to write down your log in ID and password in a safe place.
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How to Run a Benefit Estimate Online
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Post Retirement Employment
Any employment or reemployment may begin no earlier than 45 days after separation/termination from employment
* Unlimited except for those who previously worked and earned service credit as an elected official or board member.
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Hired Post Retirement as a…Days Allowed Before
Pension Suspension
Gross Pay Allowed Before
Pension SuspensionTime Period
State Employee 0 $0 N/A
Registered Nurse 75 (or 150 half days) N/A Calendar Year
Classroom Instructor, Academic Advisor,
or Coach at a State School Or College N/A $18,000 Calendar Year
Drivers Ed Teacher N/A $15,000 Calendar Year
MERS Employee 75 (or 150 half days) N/A Calendar Year
Teacher 90 (or 180 half days) N/A School Year
Elected MERS official Unlimited * Unlimited * N/A
Unpaid state or municipal board Unlimited * Unlimited * N/A
Non Participating
Municipality Employee Unlimited Unlimited N/A
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Important Contact Information
Employees’ Retirement System of Rhode Island (ERSRI)50 Service Avenue, 2nd Floor, Warwick, RI 02886
(401) 462-7600www.ersri.org
TIAA - DC Plan Coordinator
Providence Office1-800-897-1026www.tiaa.org
Federal Social SecurityProvidence Office1-877-402-0808www.ssa.gov
Office of Employee Benefits – Retiree Health (Age 59-64 with 20 years of State service)
One Capitol Hill, Providence, RI 02908(401) 574-8530www.employeebenefits.ri.gov
Via Benefits – Retiree Health (Age 65+)
1-844-448-7298www.my.viabenefits.com/ri
Aetna - Basic Group Life Insurance
1-800-523-5065
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